Taxpayer is single and has taxable income of $40,000 and overall income of $65,000. What amount of tax will taxpayer pay for this tax year? Round your final answer to the nearest dollar.

		$1,185
		$988
		$4,603
		$4,800

Which of the following citations is correct in order to cite a section of the internal revenue code?

		Windsor v. US AFTR 19 2012
		Sec. 179(a)(1)
		1.199A(a)
		469a2Bii

Taxpayer pays a salary to his sister of $100,000. The average rate of pay for the position Sister holds is $20,000. How much of this salary will taxpayer be able to deduct as a business expense for tax purposes?

		$0
		$80,000
		$20,000
		$100,000

Taxpayer took out a loan to purchase investments. Interest expense on the loan for the year amounts to $20,000. Taxpayer used the loan proceeds to purchase a portfolio that is 40% stocks and 60% municipal bonds. What amount of this interest expense is not deductible for taxpayer?

		$20,000
		$10,000
		$12,000
		$8,000

Taxpayer drove 5,000 miles for businesses purposes during the tax year. Taxpayer uses the standard mileage rate to calculate the deduction for mileage. Based on these facts, what amount of deduction can taxpayer recognize on her tax return?

		$0
		$2,875
		$2,500
		$5,000